Greetings folks! Hope your 2020 is filled with clarity so far. Three items worth briefly sharing today:
1. Larimer county assessments: You may have remembered from the last update the efforts the Assessors office was putting into keeping their methods fair. What impact did the largely higher assessments have? I was told by Larimer treasurer Irene Josey that the bump in assessments equaled a jump in Larimer county revenue to the tune of $24,000,000.
2. Charitable remainder trusts: Any person or entity with a large taxable estate would be wise to consider this tool as it helps avoid capital gains taxes. It's far too complicated to summarize briefly, but in a nutshell trustees will turn their properties into charitable donations to a trust set up to deliver payouts over the course of a set number of years. The big benefit, alongside up to five years of charitable deductions, is a perfectly legal avoidance of capital gains. There are many charities that will of course take your donations, and it's largely win-win. Hit me up for more details.
3. Senior tax exemptions: Are you over 65? Have you lived in your house for 10 years? You likely qualify. While it isn't a guarantee the exemption will be granted every year (legislation has to allow the funding on a yearly basis), it has been granted every year since 2012. Active military qualify for the same amount of exemptions (50% of the first 200k taxed).
Until next time, please let me know how I can help you or your family and friends in 2020! Cheers, Crip
Originally published 1/24/2020